On November 7 the DTI welcomed the over 28 Swedish companies with 70 business delegates, led by Swedish Minister of Enterprise and Innovation Mikael Damberg. The visit of the business delegation coincided with the reopening of the Embassy of Sweden in Manila after it closed in 2008.
“The Swedish are known for their quality products and innovative solutions. We look forward in future partnerships with them and heightened trade relations that will generate more jobs for Filipinos,” Terrado said.
Damberg said Sweden’s enhanced business relations with the Philippines are seen in the recent expansion of Ikea, an international furniture chain store, in the country.
During the reopening ceremonies of the Embassy of Sweden on November 8, Terrado emphasized the importance of the embassy’s and Ambassador Harald Fries’s presence in Manila in furthering economic relations between the Philippines and Sweden. She noted that, at present, there are over 40 Swedish companies established in the Philippines.
Fries and Country Manager Carl Mamlmqvist mentioned in a message the reopening of the Embassy of Sweden in Manila is a strong signal of the Swedish government’s commitment to enhanced relations between Sweden and the Philippines. Sweden’s increased interest to the Philippines goes beyond trade and investment deals. Other areas of mutual interest include student exchange, disaster response and tourism.
The DTI said Sweden ranked as the Philippines’s 43rd trading partner (out of 223), 59th export market (out of 211) and 36th import supplier (out of 203) in 2015. Total bilateral trade amounted to $143.4 million.□